German bank body sees about 20 banks expanding in Germany after Brexit

FRANKFURT (Reuters) – Germany’s association of foreign banks expects about 20 banks to expand their presence in Germany as a result of Britain’s decision to leave the European Union, it said.

“This will involve up to 5,000 new jobs in the next two years, many of which will be hired locally,” Stefan Winter, the head of the Association of the Foreign Banks in Germany (VAB), said on Wednesday.

He said much would depend on whether there would be transitional periods.